 "Rentals were being preferred to buying a property as high prices meant hefty down payments and equated monthly instalments.")
The demand for residential property is unlikely to revive in 12-18 months as the fundamental problem of lack of end-user buyers might not change anytime now, CRISIL Research has said.
Absorption of new homes has been on the slide for more than six years now. Home sales in the top 10 cities — Ahmedabad, Bengaluru, Chandigarh, Chennai, Hyderabad, Kochi, Kolkata, Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Pune — have declined at a compound annual growth rate of eight per cent since 2011. “The trend appears set to last well into FY19 or beyond, portending more pain for developers,”
